Two days after the teams of the Enforcement Directorate conducted multiple searches as part of a Rs 12,000-crore money laundering probe against Jaypee Infratech, Jaiprakash Associates and others, the agency said Sunday that they have recovered financial documents along with documents relating to immovable properties held in the names of promoters, their family members and the group companies and seized Rs 1.70 crore in cash.
The raids were carried out in Delhi-NCR and Mumbai under the provisions of the Prevention of Money Laundering Act (PMLA).
“The ED conducted search operations on May 23 at multiple locations across Delhi, Noida, Ghaziabad, and Mumbai in connection with the investigation involving Jaypee Infratech Ltd (JIL), Jayprakash Associates Ltd (JAL), and associated entities under the PMLA,” a spokesperson of ED said.
“The search covered the offices/premises of M/s. JAL, its related entities and its promoters and directors. Searches were conducted at the offices and premises related to key business associates of M/s JAL, including M/s Gaursons India Pvt Ltd, M/s Gulshan Homz Pvt Ltd, and M/s Mahagun Real Estate Pvt Ltd,” the spokesperson said.
The ED initiated their investigation on the basis of FIRs registered by the Economic Offences Wing (EOW) of Delhi and Uttar Pradesh Police against M/s JAL, M/s JIL, and their promoters/Directors under various IPC sections. “The FIRs allege large-scale fraud and criminal conspiracy, including dishonest inducement of homebuyers and investors to invest funds under the pretext of allotment of residential apartments and plots in projects such as Jaypee Wishtown (JIL) and Jaypee Greens (JAL),” the spokesperson alleged.
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